Credit Card Interest Rates Just Keep On Rising

While mortgage rates and auto loans are at near record lows, credit card interest rates just keep on rising. This is thanks, in most part, to the CARD Act of 2009. It severally limited overdraft fees and rate hikes. In turn, the credit card companies simply decided to raise rates at the initial offer of their card.

According to Bankrate.com, credit card rates are up three percentage points over just the last three years. The current rate is 14.5%.

If you have a balance, think about calling your card company to negotiate a better rate, or take advantage of the many 0% interest on balance transfer cards available. The Discover More card currently offers 0% on balance transfers for 15 months. It also has no annual fee and a 3% balance transfer fee. If you do not carry a balance, then the interest rate does not really matter.

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